Equity Release
Unlocking the value of your home
For homeowners aged 55 and over, equity release offers a way to access money tied up in your property without needing to move.
Whether you’re looking to repay a mortgage, fund home improvements, or boost your day-to-day finances, equity release may offer a route to greater flexibility later in life. Many people find themselves asset-rich but short on cash, and equity release can help bridge that gap.
Estimate how much equity you could access
Use the equity release calculator to get an idea of how much you might be able to release, based on your age and property details. After the estimate, you’ll have the chance to speak to an Information Team member. There’s no obligation, and they’re available to answer any questions you may have.
What iFinance offers
Through iFinance, you’ll receive independent advice and a free, personalised quote showing how equity release could work in your situation. Appointments are available by phone, video call, or home visit, depending on what suits you best.
You’ll be able to explore options from the whole of the market, including access to exclusive plans not available directly from lenders.
Releasing equity with a lifetime mortgage will reduce the value of your estate and could affect your entitlement to means-tested benefits. To understand the features and risks, ask for a Personalised Illustration. Only if your case completes will you be charged an advice fee, currently not exceeding £1,690. Our adviser will talk through the setting up costs of a lifetime mortgage before you decide to proceed.
Lenders include:
This is a Lifetime Mortgage which will reduce the value of your estate and could affect your entitlement to means-tested benefits. To understand the features and risks, ask for a Personalised Illustration.
An adviser will explain the features and risks clearly, including set-up costs. You’ll only be charged a fee (up to £1,690) if you decide to go ahead and the case completes. So it costs absolutely nothing to find out if it could be right for you.
How equity release works
Equity release allows you to borrow against the value of your home in the form of tax-free cash, without needing to sell or move. The most common product is a Lifetime Mortgage.
You remain the owner of your home and can choose whether to make repayments during your lifetime. The full amount borrowed, plus interest, is usually repaid from the sale of your home when the last homeowner dies or moves into long-term care.
Two main types of Lifetime Mortgage are available:
Lump Sum Lifetime Mortgage
This lets you release a one-off lump sum from your home. The interest rate is fixed for life and compounds over time. You can use the money to achieve a range of goals, whether that’s clearing debt, helping family, or simply improving your quality of life.
By consolidating your debts into a mortgage, you may be required to pay more over the entire term than you would with your existing debt.
Drawdown Lifetime Mortgage
This offers more flexibility. You release an initial amount and keep a reserve pot for future use. Interest only starts accruing on the money you’ve drawn, which may help reduce overall costs. You can request more funds later without needing to reapply.
The interest rate that applies is determined at the time it is taken and is secured for life, so it won’t be affected by future interest rate increases.
Advice you can trust
Your equity release adviser will provide guidance on products that follow the standards set by the Equity Release Council, including:
- A no negative equity guarantee
- The right to stay in your home for life
- Fixed or capped interest rates
- The option to repay early or protect part of your estate
You’ll receive clear information on costs, features and potential risks, helping you make a full informed decision.
Common myths about equity release
There’s a lot of confusion around equity release. Here are some facts that might help:
“I’ll lose my home”
You remain the 100% owner of your home.
“It’s only for people in financial difficulty”
Many use it to enhance their quality of life or support family
“I won’t be able to leave an inheritance”
You can choose to protect a portion of your estate if that’s important to you.
“It’s risky”
All plans meet the standards of the Equuity Release Council (listed previously), so rest assured you’re in expert hands to explore your options.
Your FREE guide to Lifetime Mortgages
From Royal London Equity Release Advisers
Explore how a lifetime mortgage could help you access tax-free cash in later life.
This FREE expert guide is designed to help you understand how a lifetime mortgage works – and whether it could be the right choice for you. Inside, you’ll find:
- A clear explanation of what a lifetime mortgage is
- Who it’s suitable for and key things to consider
- How can you access tax-free cash without selling your home
- The safeguards and guarantees designed to protect you
- A step-by-step look at the application process
If you’re aged 55 or over and want to explore ways to boost your retirement income, this guide is a great place to start.
Frequently asked questions
Yes. With a Lifetime Mortgage, you remain 100% ownership of your home.
Yes, most plans are portable. You can move, and the loan can move with you, subject to the new property being acceptable to the lender.
All products will allow you to make voluntary repayments, though early repayment charges may apply. Your adviser will explain your options.
No. With a no negative equity guarantee, your estate will never owe more than the value of your home when it is sold.
You’ll receive a full breakdown before deciding. Advice fees only apply if you proceed with a plan, and they will never exceed £1,690.
Associated Newspapers Limited, trading as iFinance, is an Introducer Appointed Representative of Royal London Equity Release Advisers. Royal London Equity Release Advisers is a trading style of Responsible Life Limited, which is a wholly owned subsidiary of the Royal London Group.
Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (https://register.fca.org.uk/) under reference 610205. Registered Office: Princess Court, 23 Princess St, Plymouth, PL1 2EX. Registered in England & Wales. Company number 7162252.
To understand the features and risks, ask for a Personalised Illustration. Responsible Life’s adviser will talk through the setting up costs of a mortgage before you make any decision to proceed. Only if you choose to proceed and your case completes will Responsible Life charge an advice fee, currently not exceeding £1,690.